According to informed sources, on Saturday evening, March 11th, 2018, the goodbye ceremony of engineer Adel Nejhad Salim was held. Is Salim’s googdbye to Persian Gulf’ Petrochemical Holding (PGIPC) after years of managing the country’s largest and most profitable petrochemical Holding is the starting of an era for a great excpected earhquake at the whole Iranian petrochemical industry?
It might be, though, the mind behind all major decisions of petrochemical industries, who has been manipulating many activities of these industries is still seating over his poweful Seat!
According to the website of the Plastics Industries Monthly magazine (PIME) , the Persian Gulf Holding is the owner of 31% shares of the total national petrochemicals of the country worth 27 trillion Toomns and is considered as the largest capital holding of the country. According to the Central Bank of Iran, in 2017, PGPIC has been the most profitable economic complex of the country.
The hearings indicate that Mr. Jafar Rabiei will seat at the position of the executive director of this country’s giant holding, instead of the “Adel Nejhad Salim”. Jafar Rabiei is a close associate of Mohammad Baqer Qalibaf, who has been Sata Investment Managing Director and is currently a member of the Board of Directors of “Kowsar Finance and Credit” financial institute.
Jafar Rabiee has an MBA from Sharif University of Technology, and has had a lot of management experiences specially at the Metro Company of Tehran.
About PGPIC:
Persian Gulf Petrochemical Industries Company (PGPIC) was established in January 2008 in line with the implementation of Article 44 of the Constitution on the basis of Authorization No. 161681 of transferring commission to transfer the shares of 15 petrochemical companies including Fajr, Mobin, Rahavaran Fonoon, Mahshahr non-industrial operations, Pazargad PIDMCO , NPC International and non-industrial operations, Petrochemical Industries Development Management (Petrochemical Commercial Co. (PCC) Bandar Imam, Shahid Tondgooyan, Bu Ali Sina, Nouri, Pars, Arvand, Khuzestan,
Its formation sought to maintain the integrity of the Iranian petrochemical industry and obtaining the objectives of 2025 Iran vision plan.
The company was transferred to the private sector in 3 stages. 40% of its shares were allocated to provincial investment companies according to the cabinet authorization dated July 2009 for justice shares.
In the first stage, 5% of shares were transferred to Tehran Stock Exchange in January 2013 for price discovery.
In the second stage, 17% of its shares were transferred by auction to NIOC’s Pension, Saving & Welfare Fund in May 2013. Therefore, holding 62% shares of the private sector and non-governmental organizations, PGPIC was separated from governmental sector since May 2013 acting as the country’s largest petrochemical holding with more than 22 million tons output capacity of producing 40% of Iran’s petrochemicals encompassing over 350,000 billion Rials capital as the largest and most important member of the stock exchange entered the private sector possessing about 10 percent of the stock market.
In the third stage, a 17 percent block of the company’s shares was released in March 2014. The block was jointly purchased by Oil, Gas & Petrochemical Investment Supply (Tapico) and the NIOC’s pension fund in a 50-50 partnership.
At present, the latest shareholders are as follows:
40% Provincial Investment Company
20% National Petrochemical Company
17% Oil Industry Employee Pension Fund
8.28% Tamin Petroleum & Petrochemical Investment Company
8.5% Taban Farda Petrochemical Group Company
5.42% IPO , Others
0.76% Employee Shares
0.04% Collateral Shares
